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New Home Construction Hammers Away

Real estate construction spending continues to show no signs of slowing. Total construction spending during April 2005 was estimated at a seasonally adjusted annual rate of $1.07 trillion, approximately 0.5 percent above the revised March estimate, the U.S. Census Bureau of the Department of Commerce announced. This April figure is approximately 8.2 percent above the April 2004 estimate of $986.4 billion.

Residential construction was at a seasonally adjusted annual rate of $595.6 billion in April, approximately 0.6 percent above the revised March estimate of $592.3 billion.

During the first four months of this year, seasonally-adjusted construction spending amounted to $309.5 billion, which is about 9.1 percent above the $283.6 billion for the same period in 2004.